Creating income streams in retirement is the best way to enjoy the golden years, if you ensure you earn enough to manage your expenses.
Ask 73-year-old Delhi-based Ravinder Kumar Arora his secret to living such a happy retired life and he promptly replies, “disciplined savings and sound investments done in early life.” A war veteran, Arora had to leave the Army because he lost his left leg in the 1971 war which left him confined to the hospital bed for a long time. “I just took it in my stride and after nine years in service, I retired at the age of 30,” he says.
Having cut his teeth with the 1965 China war in the Army, and then being posted in tough terrain, there was hardly any room to spend what he earned. There is something about certain professions, which leaves you with little room to indulge what you earn. His wife, Dr. Manju Arora, 68, took an early retirement from the MCD where she worked as a doctor as well as an administor; she says her work rarely left her with the time to spend more than what was necessary. “Even though I had not planned my early retirement like many others do, I was never a spendthrift,” she explains with a chuckle.
Going by the experience shared by the Aroras, life in retirement looks very comfortable, even if you have not meticulously planned for it. But, both of them are examples of retirees who believed in saving money and living within means. Words such as frugal, living within means, value of savings and zero wastage on anything were drilled into people, which ensured a life without financial worries.
Income in retirement
This story is from the August 2017 edition of Outlook Money.
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This story is from the August 2017 edition of Outlook Money.
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